X-Stock | VRE 40,100 +43%: Q4/2025 Earnings Update

EARNINGS UPDATE

4Q2025 results: Net revenue reached VND 2,182bn (+7.6% YoY), while NPAT-MI surged to VND 2,659bn (+145% YoY). Profit growth was mainly driven by a VND 1,891bn gain from the divestment of Vincom Center Nguyen Chi Thanh and VND 755bn in financial income (+38% YoY). Meanwhile, performance across the core businesses was as follows:

• Retail mall leasing remained stable, as Vincom Center Nguyen Chi Thanh contributed only 1.6% of leasing revenue.
• Property sales remained limited, with net revenue of VND 54bn (-9.1% YoY).

FY2025: Despite net revenue growing only 6.6% YoY to VND 8,399bn, NPAT-MI increased 57.4% YoY to VND 6,446bn, supported by the VND 1,891bn divestment gain from Vincom Center Nguyen Chi Thanh and VND 2,860bn in income from deposits (+60% YoY). Excluding the divestment gain, VRE would have recorded VND 4,933bn in net profit, 11.8% above our forecast of VND 4,413bn, with the variance mainly attributable to higher-than-expected financial income. Overall, VRE's core business performance remained broadly in line with BSC's expectations.

Investment and business cooperation deposits: As of end-4Q2025, total deposits for these purposes reached VND 24.9tn (+75.3% YoY), equivalent to approximately 40% of total assets. This included VND 6.2tn in deposits for shophouse investment cooperation at Vinhomes Green Paradise and VND 1.8tn in deposits related to VMM operations at Vinhomes Green Paradise.

2026 BUSINESS PLAN

• Core net profit growth of 10–15% YoY: Growth is expected to be driven by the retail mall leasing business and income from deposits, while shophouse sales are now expected to resume profit recognition only in 2027, versus the previous plan to launch sales in 2H2026.
• 2026 investment plan: VRE plans to invest approximately VND 1,400bn in potential projects and another VND 380bn to upgrade existing retail malls.